The Abu Dhabi Investment Authority (ADIA) closed its London office late last year. This hasn’t stopped it from poaching junior bankers from firms in London. The latest joiner is a former associate in Citi’s industrials investment banking team. He joined this month after spending nearly three years at Citi and is will become an associate on the secondaries private equity team at ADIA’s Dubai head office.

In January, ADIA recruited Robert Clarkson-Short, a former investment analyst at GAM in London, It’s also recruited Maxime Wahab, a former senior auditor at PWC in Luxembourg. Over the past year ADIA has pulled analysts and associates from the likes of Goldman Sachs, Deutsche Bank, Bank of America Merrill Lynch and Macquarie.

With finance salaries in London subject to 40% rates of income tax and carried interest in private equity increasingly hard to come by, the appeal of ADIA is clear: there’s no income tax in Abu Dhabi. And according to Glassdoor, salaries for senior associates at ADIA in Abu Dhabi are anything from AED52k ($14k) to AED75k ($20k) a month.